The FCA has charged Olumide Osunkoya with unlawfully running multiple crypto ATMs without registration under the MLRs. The ATMs in question processed £2.6m in crypto transactions during a period of just under 2 years. The charges represent the FCA’s first criminal prosecution under the MLRs for unregistered crypto activity and follow its actions over the past year in investigating crypto ATMs.
Mr Osunkoya had originally been a director of Gidplus Limited and then a sole practitioner.
This is the FCA’s first action against an individual for illegal crypto ATM operation, but Kent police also brought a charge against another individual on 28 August.